Now this is a very interesting data point on oil's insane rise these past two days:
Crude's late-day launch occurred out of nowhere, with no new data release or news headlines for an impetus. The last hour of trading can only be described as hysterical, with oil traders calling financial reporters, desperately trying to find out what vital information they were missing that the rest of the market had apparently discovered.
It seems that even oil traders were thrown off by the rally. It just feels to me like the price went over a certain point then gapped even higher due to automatic trading programs or something like that. I should think the CBOE or NYMEX should look at the trading to see if there wasn't something strange going on or not.
No comments:
Post a Comment